Share this article
Indian Government Officials Give Mixed Signals Over Planned Crypto Legislation
As one government official says the planned legislation would completely ban cryptocurrency use, another stresses that is not the case.
Updated Sep 14, 2021, 12:26 p.m. Published Mar 15, 2021, 8:23 a.m.
Discussions for proposed legislation that would usher in a blanket ban on cryptocurrency use in India are in the final stages, according to a senior government official.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As reported by Reuters on Monday, trading, mining, issuance and possession of cryptocurrencies are expected to be criminalized in India under an upcoming legislative bill.
The official, who was not named, said the legislation is likely to make it through Prime Minister Narendra Modi's majority-controlled parliament.
The official said fines would be issued for breaking the law after a six-month grace period to dispose of crypto assets, according to the report.
The situation is turning out to be terribly confusing for stakeholders in India. On the same day as the Reuters report, the Deccan Herald, an English-language newspaper in India, cited Minister of Finance and Corporate Affairs Nirmala Sitharaman as saying the government is not planning to completely bar cryptocurrency use.
"From our side, we are very clear that we are not shutting all options. We will allow certain windows for people to do experiments on the blockchain, bitcoins or cryptocurrency," Sitharaman said. She added the growth of the fintech industry depends on such experiments.
The government has been saying for months it plans to rein in private use of cryptocurrency while providing the legal framework for India's Reserve Bank (RBI) to issue its own central bank digital coin.
Minister of State for Finance Anurag Thakur said on March 6 that the government was looking into national security risks posed by cryptocurrencies ahead of a decision on whether to ban them.
In March of last year, the country's Supreme Court overturned the RBI's 2018 decision to ban financial institutions under its remit from providing services to cryptocurrency companies.
UPDATE (08:37 UTC, March 15, 2021): Added extra comments from Nirmala Sitharaman.
See also: India’s Internet and Mobile Association Calls for Crypto Regulation, Not Ban
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin pushes above $90,000 as traders eye change in pattern
Particularly hard-hit in 2025's final sessions, crypto-related stocks are bouncing in this year's first trading day.
What to know:
- Bitcoin rose above $90,000 during U.S. trading hours on Friday.
- It's a notable change in trend, as crypto prices late in 2025 were typically on the defensive while American stocks traded.
- Strategy, Coinbase, Hut 8 and Galaxy Digital were among the crypto-related stocks seeing strong gains.
Top Stories
